// GLOSSARY

Limit order

An order with a worst acceptable price: buy at your limit or lower, sell at your limit or higher. It fills immediately if the book allows, otherwise rests. The default order type for anything automated — it bounds what you can pay.

A limit order names your price. A buy limit at 44¢ can fill at 44¢ or better, never worse; if nothing is offered at or below 44¢, the order rests in the book until something is — at which point you're the maker being hit, not the taker crossing.

Worked example

Best ask is 46¢. You place a buy limit at 44¢: it rests. An hour later a seller crosses down and hits your bid — you fill at 44¢, 2¢ better than the ask you refused to pay, and on Kalshi you generally paid no trading fee for resting. The cost was time and the risk of never filling.

Marketable limits

A buy limit above the current ask fills immediately at the ask (not at your limit) — the limit just caps how deep into the book you'll sweep. This "marketable limit" is how careful systems take liquidity, in preference to raw market orders. Both Kalshi and Polymarket are limit-order-native venues; order-type specifics are in rate limits and order types.